The Saudi Arabian stock market, which has been under pressure since the beginning of the year, is becoming increasingly attractive to international investors due to low valuations and bets on stabilizing oil prices. In the week ending August 28, the share of foreign buyers (outside the Persian Gulf countries) reached 41% of the total volume of transactions, one of the highest levels on record. At the same time, the Tadawul All Share index has decreased by 11% since the beginning of the year, and domestic investors are reducing their activity. According to analysts, the market is close to the bottom, unless oil falls below $ 60 per barrel. At current Brent prices of about $66, Saudi Arabia is facing a budgetary challenge, given the break-even threshold of $94 per barrel. Nevertheless, many companies outside of Aramco and Sabic are showing profit growth of about 7%. Securities of Saudi National Bank and Saudi Telecom have gained 11% and 13%, respectively, since the beginning of the year, which makes the market less unambiguous than it seems at first glance.
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